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MTN Nigeria has reported a profit after tax (PAT) of N750.2 billion for the nine months ended September 30, 2025, marking one of the strongest corporate turnarounds in the Nigerian telecom industry’s history.

The result represents a 245.7 percent rebound from a N514.9 billion loss recorded in the same period last year, driven by robust data growth, fintech expansion, and improved macroeconomic stability.

The company’s performance was buoyed by a strengthened naira, easing inflation, and disciplined cost management that doubled operating margins.

Total service revenue surged 57.5 percent year-on-year to N3.7 trillion, while EBITDA more than doubled to N1.9 trillion, with margins expanding by 15.1 percentage points to 51.4 percent.

‘We are pleased to report that MTN Nigeria has restored its positive retained earnings and shareholders’ equity positions. This milestone demonstrates strong operational momentum and disciplined execution, supported by a more favourable macroeconomic environment and prudent financial management,’ said Karl Toriola, chief executive officer of MTN Nigeria.

The telco’s resurgence coincided with a period of relative macroeconomic recovery in Nigeria. The naira appreciated from N1,535/$ in December 2024 to N1,475/$ by the end of September 2025, while headline inflation slowed from 34.8 percent to 18 percent, prompting the Central Bank of Nigeria to cut the Monetary Policy Rate to 27 percent.

These shifts improved foreign exchange liquidity, reduced financing costs, and strengthened investor sentiment, creating a more conducive environment for network expansion and service delivery.

Data, fintech and broadband fuel growth

MTN Nigeria’s data business continued to be its dominant growth engine. Data revenue soared 73.2 percent year-on-year to N1.98 trillion, supported by rising smartphone penetration (now at 65.1 percent), expanded 4G capacity, and a 36.3 percent surge in data traffic. Average data usage per subscriber climbed to 13.2GB per month, while the company’s home broadband user base grew to 4 million, up 281,000 in Q3 alone.

Voice revenue also rose by 41.9 percent to N1.35 trillion, reflecting both subscriber growth and new pricing strategies.

On the digital and fintech front, fintech revenue jumped 72.5 percent to N131.6 billion, with active MoMo wallets expanding to 2.9 million. MTN said customer deposits grew by 80.5 percent compared to December 2024, while its agent and merchant networks expanded by 73.6 and 42.6 percent respectively, underscoring its drive to deepen financial inclusion.

‘Fintech remains a critical growth area that drives inclusion and long-term value,’ Toriola said, noting that recent initiatives have begun to rebuild momentum across MTN’s mobile money ecosystem.

Balance sheet strength restored

The telecom giant also returned to financial health after several quarters of FX-induced strain. Retained earnings swung to a positive N142.7 billion from a N607.5 billion deficit in December 2024, while shareholders’ equity improved to N293.1 billion, reversing last year’s negative position.

Free cash flow rose 38.5 percent to N742.6 billion, reflecting strong underlying cash generation despite a record N757.4 billion in capital expenditure, a 248 percent increase as the company accelerated network and fibre investments. MTN expects capex intensity to moderate in the fourth quarter, aligning with its full-year guidance and supporting stronger free cash flow.

The company also announced an interim dividend of N5.00 per share, marking a return to dividend payments after a turbulent 2024.

Accelerated investment and strategic partnerships

MTN’s capital investments were directed toward capacity expansion, fibre rollout, and a new data centre development. The company also reported progress on the 110-kilometre Enugu-Onitsha Expressway, now 50 percent complete under the Federal Government’s Road Infrastructure Tax Credit (RITC) scheme. In July, it secured an additional N23 billion tax credit to offset future tax liabilities starting in 2026.

To strengthen network efficiency, MTN entered a spectrum lease agreement with T2 Mobile (formerly 9mobile) covering 20MHz of frequency bands for three years. The move, part of a broader infrastructure-sharing initiative, is expected to support capacity expansion and improve service quality nationwide.

Enterprise and digital transformation

MTN’s enterprise business delivered 28.6 percent growth, supported by increased adoption of fixed connectivity and cloud services. The launch of MTN Cloud, powered by the new Dabengwa Tier III Data Centre, has positioned the operator as a leading digital transformation partner for Nigerian businesses.

The company’s digital services segment also maintained momentum, growing 41.9 percent despite temporary platform optimisations, with richer content offerings and higher user engagement boosting performance.

Looking ahead, MTN Nigeria expects to sustain strong momentum into the final quarter of the year.

The company reaffirmed its 2025 full-year guidance for service revenue growth of at least low-50 percent, and EBITDA margins in the low-50 percent range.

For the medium term (2026 onward), MTN forecasts service revenue growth averaging at least low-20 percent and EBITDA margins between 53 percent to 55 percent, assuming inflation below 20 percent and exchange rates in the N1,500 to N1,800/$ range.

‘We are confident in the resilience of our business model and our ability to manage emerging risks. Our focus remains on disciplined execution, cost efficiency, and creating long-term value for all stakeholders,’ Toriola added.

Governor Mai Mala Buni of Yobe State has said that the Yobe Mining Development Company Limited is the only agency authorised to oversee all exploration and mining activities across the state.

Buni stated this at a mining stakeholders’ forum in Damaturu, noting that the Yobe Mining Company serves as the government’s designated one-stop shop for mining operations.

‘Yobe state is richly endowed with mineral resources such as limestone, gypsum, kaolin, granite, quartz, and silica, among many others. Yet, for decades, these gifts of nature have remained grossly untapped and underutilised.

‘The time has come to turn these hidden potentials into productive assets that will create jobs, generate wealth, and advance the socio-economic development of our people.

‘Our objective is to chart a coordinated course for growth of the mining sector in Yobe State, in a manner that aligns with federal policy, ensures community inclusion, attracts credible investors, and guarantees environmental responsibility.

‘It is also our conviction that responsible mining, when properly managed, can become a major driver of our state’s economic resilience, youth employment, and revenue diversification.

‘We envision a mining sector that operates within a transparent regulatory framework; that upholds environmental sustainability and community benefit; that promotes public-private partnerships anchored on trust and accountability; that encourages local participation while attracting reputable foreign investment,’ Buni said.

He charged the stakeholders to concentrate on mineral mapping and data presentation to showcase Yobe potential, policy and institutional alignment, investor engagement and incentives, roles of communities and traditional institutions among others.

Also, Bamodu Yerima, managing director of the Yobe Mining Development Company, said the company has developed an information repository for feasibility studies in three key mineral sectors, limestone (for cement and hydrated lime production), gypsum (for cement, fertiliser, and building materials), and trona or soda ash (for fertiliser, detergent, and glass production).

He said reputable consulting firms were engaged through open and transparent procurement processes to prepare the feasibility studies in line with international standards.

Yerima added that the Yobe Mining Development Company has prioritised the organisation of artisanal and small-scale mining (ASM) operations across the Fika, Fune, Gulani, Gujba, Yusufari, and Nangere local government areas.

According to him, the company has registered artisanal miners into cooperative clusters and provided training, safety tools, and market access to support their operations.

He further said a Community Development Trust Fund has been established to reinvest 5-10% of project profits into education, healthcare, and water infrastructure.

‘The Yobe Mining Development Company ensures that mining drives local livelihoods, peace, and shared prosperity at the grassroots to promote community participation’ he said.

The managing director noted that the company has engaged the Islamic Development Bank, the African Development Bank (AfDB), BADEA, Afreximbank, and the Africa Finance Corporation (AFC) for various partnership projects in the mineral sector.

Others include the Nigerian Export-Import (NEXIM) Bank for export financing and beneficiation support, and the Bank of Industry (BOI) for value addition and SME linkages in mineral-based manufacturing, a move that reflects the growing global confidence in Yobe’s institutional reforms and industrial vision.

Various stakeholders commended the Yobe State Government for its bold initiative to diversify the state’s economy through a value chain that promotes job creation and economic prosperity.

The stakeholders, drawn from across Nigeria and Germany, among others, witnessed the signing of Memoranda of Understanding (MoUs) between the Yobe State Government and the various partners.

He was a man who lived a very combative life, much of it in the public eye. The prize he desired the most – to be President of Kenya – was the one he was never destined to have. Five times he contested for the position. Five times he lost. Every time he disputed the verdict. But he never lost heart.

That heart finally gave out on the 15th October in faraway Kerala, India, on a routine morning walk, where he was seeking Ayurvedic treatment for diabetes, hypertension and chronic kidney disease, ailments that regularly bedevil Africans, especially in their twilight years. He had a cardiac arrest, slumped, and soon was gone.

Staying on the theme of heart, a few days after his death, Raila was conferred with the title of Chief of the Order of the Golden Heart of Kenya (CGM), Kenya’s highest national honour, by his old adversary, President William Ruto, ‘in recognition of his service to the Kenyan nation’.

He was easily one of Kenya’s, and Africa’s, most controversial politicians.

Even death could not douse the ardour of his supporters. On the day after his death, thousands of mourners gathered at Jomo Kenyatta International Airport to receive his body, forcing the Airports Authority to suspend flights and close the country’s airspace for some hours.

The venue for the official lying in state had to be changed from the front of Parliament to the Moi International Sports Centre to accommodate the surging crowds. There was a stampede, and reportedly four people were killed and several others injured in the ensuing melee. Kenyan police, always known for a heavy hand, were alleged to have fired some shots.

Raila Amolo Odinga was born on 7th January 1945 in Maseno, in what was then known as the Colony and Protectorate of Kenya. His father was the well-known politician Jaramogi Oginga Odinga.

There is no disputing how Raila got his radical activist streak. The family came from the Luo ethnic group, the fourth largest ethnicity in Kenyan. In 1964 Oginga became the first Vice President of the Kenyan Republic, in the government of President Jomo Kenyatta. His ideological orientation was Socialism, and he pushed for close alliance with the Eastern block and Warsaw Pact ‘Communist’ countries during the Cold War, while Jomo Kenyatta took Kenya in the direction of the United States and the Western bloc of ‘Capitalist’ nations. They soon parted ways, and Odinga, who himself had eyes on the Presidency, resigned from office and quit Jomo Kenyatta’s party to form the Kenya People’s Union (KPU) in 1966.

There was public bad blood between the two erstwhile allies, and he was arrested and detained in 1969 after a verbal altercation with the President. KPU was banned.

Oginga died in 1994.

There is a curious detail concerning the relationship between Raila and his father Oginga. Oginga is alleged to have laid a curse on Raila for undermining him at a political event where he was presiding, prophesying that he would never be President of Kenya.

The story of Raila reads like a tale of perpetual combat. After early education in Kisumu district, he travelled to East Germany to study Mechanical Engineering. On his return, he started a business and later joined the Civil Service.

In 1982, there was a failed coup attempt against the government of President Daniel Arap Moi. Several lives were lost.

Raila and his father were placed under arrest on suspicion of collusion with the coup plotters.

Over the next three decades, Raila immersed himself fully in politics. He was detained several times for opposition activities. He won local elections and served in Parliament. He was appointed Minister, and for a spell served as Prime Minister of Kenya.

In 1997, he made his first bid for the Presidency. He lost.

In 2007, he ran again. He lost.

He was back in battle in 2013, 2017 and 2022.

After his 2017 election loss to Uhuru Kenyatta, he approached the Supreme Court, which cancelled the results and ordered a rerun. Raila decided to boycott the rerun.

Soon afterwards, he had himself sworn in at a public ceremony in Nairobi as ‘the People’s President’.

He eventually reconciled with President Uhuru Kenyatta, and they embarked together on a Building Bridges Initiative. He became effectively the Deputy President to Kenyatta, though William Ruto remained the official Vice President.

There was an understanding that Kenyatta would support Raila for the Presidency at the next elections. By all accounts, he did.

Raila still lost in 2022, and William Ruto became President.

In what would become a Last Hurrah on the international scene, Raila was nominated by Kenya to contest for the Chairmanship of the African Union in February 2024. It seemed a well-deserved honour for a long-suffering stormy petrel with impeccable pan-Africanist credentials, who wanted to leave a legacy of Continental Free Trade, effective management of intra-African conflicts, and enhancement of the continent’s impact on the global stage. His opponent was a little-known man from Djibouti.

Raila lost the election.

There was speculation, before his death, that Raila, at 80 years of age, might be coming back into the fray in Nairobi as 2027 and the next Presidential elections loomed. The prospect probably filled President Ruto and his handlers with not a little trepidation, especially considering the turbulent spell of mass discontent that Kenya has been going through lately.

What did Raila Odinga stand for?

It is difficult to apply a formal ideological label to him. He was not an old-school ‘Socialist’ like his father Oginga. Perhaps the description ‘Populist Socialist with traditional values’ – an oxymoron of sorts, would best capture his essence.

Did Oginga Odinga truly lay a curse on his son? Or was that another of the popular myths around this ‘People’s President’?

May the soul of the doughty old warrior from Kisumu rest in peace, and may there be peace and progress in the land he loved and fought all his life to lead.

The Lagos State government has obtained a pound 120 million facility from the Dutch Development Bank (FMO) to support the development of a waste-to-energy project. It is noted that the project is aimed at improving waste management and electricity generation in the state.

The disclosure was made by Kazeem Adegboyega, Managing Director of Ibile Microfinance Bank, who represented Governor Babajide Sanwo-Olu at the LAPO Microfinance Bank Sustainable Finance Conference held on October 31, 2025, in Lagos.

Adegboyega said the state is in advanced discussions for a $400 million waste-to-energy plant. The facility, to be located in Epe, will process about 3,000 tonnes of waste daily. It is expected to generate power for surrounding communities and reduce pressure on existing landfills.

He described the initiative as part of Lagos’ long-term plan to shift toward renewable energy. The project, backed by FMO, will be one of the largest waste-to-energy ventures undertaken by any subnational government in Nigeria.

According to him, Lagos has been pursuing a broader climate resilience strategy. The state recently established the Office of Climate Change and Circular Economy to promote sustainable consumption and develop frameworks that encourage recycling and waste conversion.

Lagos has also implemented a Climate Action Plan (2020-2025) that outlines a roadmap to cut greenhouse gas emissions and achieve net zero by 2050. A separate Climate Adaptation and Resilience Plan is in place to attract green investments and strengthen infrastructure against flooding and other climate risks.

Adegboyega noted that Lagos has planted more than seven million trees since 2008 to curb carbon emissions. He added that the state provides N1 billion annually to each local government and local council development area (LCDA). The fund supports at least five sustainability-focused projects in each council, reaching more than 1,000 communities.

These projects include renewable energy solutions for small businesses, free health insurance for low-income households, and tree-planting initiatives.

Adegboyega, who also oversees Ibile Microfinance Bank, said the bank has been instrumental in financing Lagos’ green economy agenda. Since its establishment in 2017, the state-owned bank has disbursed over N50 million in loans to support recycling, renewable energy, and sustainable agriculture.

The federal government has commenced the disbursement of funds under the Tertiary Institution Staff Support Fund (TISSF), with over 9,000 academic and non-academic staff from tertiary institutions across the country benefiting in the first phase of implementation.

Announcing the development in a statement signed by Boriowo Folasade, Director of Press and Public Relations, the Federal Ministry of Education (FME) said the initiative marks a major milestone in President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at improving staff welfare, boosting institutional productivity, and fostering innovation within Nigeria’s tertiary education system.

According to the statement, Launched in August 2025 after a stakeholder session in July, the TISSF has now transitioned from planning to execution. The 9,000 beneficiaries represent 28 percent of the 33,000 verified applicants drawn from 219 Federal and State tertiary institutions nationwide.

According to the Ministry, the first-year disbursement maintains a 30:70 ratio between academic and non-academic staff, reflecting the government’s inclusive approach to supporting all categories of tertiary institution personnel.

Speaking on the initiative, Maruf Tunji Alausa, Minister of Education, commended President Tinubu for his commitment to the education sector and the welfare of its workforce.

‘The President is delivering for our tertiary institutions, for welfare, for productivity, and for the future. Within just four months, payments have started going out. This is a President that delivers, and the Ministry of Education is profoundly grateful for his continuous support and commitment to staff welfare,’ Alausa said.

He said that the TISSF forms a core component of the Federal Government’s Nigerian Education Sector Renewal Initiative (NESRI), designed to enhance the welfare, morale, and performance of tertiary institution staff while strengthening the institutions as centres of excellence and innovation.

Through zero-interest loans and welfare packages, each eligible staff member can access up to ?10 million to meet essential needs such as housing, healthcare, education, transportation, and small business development.

Alausa emphasised that the Fund goes beyond financial relief, describing it as a transformative initiative to restore dignity, reward dedication, and rebuild Nigeria’s knowledge economy.

‘This Fund is not merely about disbursement; it is about restoring dignity, rewarding dedication, and rebuilding the foundation of our knowledge economy,’ said Alausa.

The Ministry reaffirmed its commitment to transparent management, quarterly reporting, and ongoing engagement with institutions to ensure that disbursements translate into measurable improvements in staff welfare, motivation, and institutional performance.

It also assured that repayment mechanisms have been established to guarantee sustainability and enable more beneficiaries in subsequent phases.

Lerato Mataboge, commissioner for infrastructure and energy at African Union (AU) has explained that the AU is initiating a decisive conversation around building African shipping lines and aircraft, ensuring that the advancement in maritime, aviation and road networks is complemented by a robust and connected transport sector.

According to her, this commitment to local production ensures that the jobs and economic contribution are firmly rooted in Africa.

Mataboge noted this in an exclusive interview with Business day at the Luanda summit co-hosted by AUDA-NEPAD, where she explained that the AU is acutely focused on ensuring these substantial benefits are distributed equitably among member states.

She says, ‘There are plans that will ensure the continent ends up manufacturing a vast large percentage of an aircraft, along with all necessary ancillary support mechanisms. Critically, the AU is working to avoid reliance on imports, as out priority is industrialisation’.

This strategy signals the AU’s commitment to building a more connected, skilled, and industrially self-sufficient continent through infrastructure development.

‘A collaborative cross-lending model is being pursued, to allow member states to pool technical and artisanal skills relevant to sectors across AU member countries, such as rail and aviation’, she explained.

‘Nigeria is one of those that will be part of the conversation on the maritime sector’.

This forms a key component of the AU’s Single African Air Transport Market (SAATM) policy to prioritise intra-continental connectivity, local manufacturing, and specialised skills to drive economic benefits and equitable growth, while creating 500,000 jobs in aviation and infrastructure.

In speaking about infrastructure development leading to job creation in the continent, Mataboge described how the integration of skills is an investment that will be created out of sector across member states of the AU.

‘For example, if Nigeria anchors skills on rail transport, and South Africa or Kenya anchors aviation, citizens from other countries can be sent to train in those respective anchor regions.

That’s the grand vision,’ Mataboge said. ‘So that when we integrate, we’re not just talking policies, we’re talking practical. It’s the skills, it’s the investment. it’s the industrial base that we’re going to create out of the sector.’

The AU has so far been making concerted efforts to leverage aviation and transport integration as a major engine for job creation and economic transformation across the continent.

This ambitious strategy aims to tap into an air transport market that analysts suggest could generate $4.2 billion in GDP and create up to 500,000 new jobs.

Bridging the connectivity gap

Mataboge highlighted that aviation integration has been prioritised precisely because the continent is currently lagging in the continent.

‘Just travelling across our continent is the most difficult. To connect between countries, you must often leave the continent and come back,’ she stated, underscoring the urgent need for better intra-African air links.

She recognised the aviation’s critical role as a rapid mover of people and essential goods, a fact starkly illustrated during the COVID-19 pandemic, when moving critical protective gear and medicines proved challenging.

For her, the AU’s starting point from a relatively low base in integration means the opportunities for maximum impact and job creation are significantly higher.

From policy to practical industrialisation

The AU’s vision extends far beyond merely harmonising standards and addressing pricing policies. Its strategy encompasses a vast industrial and infrastructure also covering, infrastructure investment, which is the actual construction, upgrading, and maintenance of airports, which is a core focus and a distinct industry in itself.

While air transport is a major focus, the AU is pursuing a multi-modal approach. In the West African region, the priority is to accelerate the finalisation of a key highway connecting various countries, including the vital route to Abidjan.

Moniepoint Inc, one of Africa’s payment and personal banking platforms, has unveiled ‘M’, Nigeria’s first artificial intelligence-powered chatbot designed to simplify insights into the informal economy and strengthen data-driven policy formulation.

The launch, which coincided with the second edition of Nigeria’s Informal Economy Report, attracted commendations from the Federal Government for Moniepoint’s decade-long contribution to financial inclusion and business growth.

Representing Vice President Kashim Shettima, Minister of Industry, Trade and Investment Jumoke Oduwole highlighted that the informal sector remains ‘The heart of Nigeria’s story of resilience and enterprise.’ She praised Moniepoint for illuminating a critical part of the economy that sustains millions of livelihoods but often escapes formal documentation.

Built on advanced Large Language Model (LLM) technology, ‘M’ is positioned as a friendly, AI-powered guide that translates complex data into accessible, actionable insights. The chatbot enables users from policymakers and researchers to journalists and entrepreneurs to better understand market dynamics, taxation, savings behavior, and business operations in the informal space. Its conversational interface marks a technological milestone for bridging Nigeria’s financial knowledge gap, particularly for micro and small-business operators.

Babatunde Olofin,, Moniepoint’s managing director, said the initiative reinforces the firm’s focus on empowering informal businesses with tools to thrive sustainably.

‘The informal economy is not the shadow of our nation’s progress, it is its pulse,’ he said, emphasising that the data-rich report offers fresh insights into unemployment, access to credit, and digital adoption among small enterprises.

The new platform also reflects Nigeria’s growing shift toward digital and AI-driven solutions aimed at formalizing the informal sector, a key goal in the Tinubu administration’s Renewed Hope Agenda to build a $1 trillion economy by 2030.

As Moniepoint celebrates its 10th anniversary, serving over 10 million customers and processing over $22 billion in transactions monthly, the launch of ‘M’ underscores a defining moment for Nigeria’s informal economy, one where technology, policy, and data converge to empower the people driving its everyday resilience.

Nigerian Exchange Group Plc (NGX Group) has declared an interim dividend of N1 per ordinary share of 50 kobo each, following the approval of its unaudited financial statements for the third quarter (Q3) ended September 30, 2025.

The Board of Directors at its meeting

held on Wednesday October 29 noted the interim dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday November 7, 2025, while payment will be remitted electronically to qualified shareholders on Tuesday, November 18.

This declaration marks another milestone in NGX Group’s history of consistent dividend payments, underscoring the Board’s confidence in the Group’s resilience, profitability, and value-creation strategy.

Commenting on the announcement, Umaru Kwairanga, Chairman, NGX Group stated: ‘The declaration of this interim dividend reaffirms the Board’s confidence in NGX Group’s solid fundamentals and long-term growth outlook. We have maintained a consistent dividend track record that reflects our unwavering commitment to shareholder value’.

‘This payment recognises our investors’ trust and remains focused on reciprocating that trust through consistent value addition to its shareholders. Our focus remains on delivering sustainable returns through disciplined execution and strategic growth,’ Kwairanga said.

In his remarks, Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group noted: ‘Our commitment to shareholders is at the heart of every strategic decision we make. This dividend reflects the Group’s strong financial discipline, consistent profitability, and prudent capital allocation’.

‘As we advance our growth agenda, we will continue to unlock opportunities across our ecosystem, creating measurable value for our investors and reinforcing NGX Group’s position as a trusted driver of capital market prosperity in Africa,’ he added.

NGX Group said it will continue to demonstrate its commitment to transparent governance, financial discipline, and sustainable value creation.

The Oyo State Government has emphasized the need for strengthened collaboration and accountability in the state’s HIV response across the State.

This is as the state government is targeting 2030 to end HIV/AIDS.

Gbola Adetunji,medical doctor and the Chairman, Oyo State Agency for the Control of AIDS (OYSACA) stated this at the quarterly Monitoring and Evaluation (MandE) meeting of the Local Action Committee on AIDS-State Agency for the Control of AIDS (LACA/SACA) and other stakeholders held at the Agency’s Conference Room.

While expressing his delight at the robust representation of all 33 LACA Managers and strategic implementing partners, the Chairman noted that their collaborations have helped drive progress in HIV response in the State.

Adetunji highlighted notable improvements in HIV testing services, treatment coverage, PMTCT, community mobilization, and linkage to care, while also acknowledging emerging gaps around service integration, sustainability, data quality, community ownership, and resource optimization.

The OYSACA chairman then charged LACA Managers and stakeholders to actively participate in the meeting, share lessons, highlight challenges, and propose workable solutions, emphasizing the importance of local ownership, efficient coordination, and community participation in ensuring sustainability.

‘We must continue to work as one unified structure to ensure our MandE systems remain reliable and interventions reach those who need them most,’ he said.

Adetunji appreciated the leadership of Governor Seyi Makinde in ensuring the Agency attains its target to end HIV/AIDS by 2030, noting that the Governor had gracefully approved a huge sum of funds for purchasing kits, which the Agency would purchase very soon.

He said ‘I am also pleased to inform this gathering that His Excellency, the Executive Governor of Oyo State has graciously given the approval for the procurement of HIV Test Kits and Consumables which in the next two months will be available.’

‘This is a major step towards bridging existing gaps and ensuring that no client in need of testing or follow-up service is denied care.’ The Chairman added

He acknowledged and appreciated the leadership of the Oyo State Primary Healthcare Board for their sponsorship and support in making the meeting a reality.

Earlier in his remark, Wale Falana,medical doctor and the Coordinating Director of the Agency stated that the meeting aimed to deepen partnership, accountability, and review performance, aligning interventions at facility and community levels.

AbdulWahab Taiwo, the OYSACA’s Monitoring and Evaluation Officer made a presentation on ‘LACA Coordinating Authority and Structure at the Local Government,’ where he elaborated on the functions and duties of LACA Managers as the multi-sectoral coordinating entity for HIV/AIDS response at the local government level, which includes ensuring coherent interventions, facilitating and coordinating HIV activities, and advocating mainstreaming of HIV interventions.

Nigeria’s inter-bank call rate has fallen to an 11-month low of 24.5 percent in October 2025, reflecting improved liquidity in the banking system as funding pressures ease, following the Central Bank of Nigeria (CBN)’s gradual interest rate cuts.

The inter-bank call rate, also known as the call money rate, is the interest rate at which banks lend money to one another for very short periods, usually overnight or for a few days. Data from the CBN show that the last time the banking sector recorded such a low inter-bank call rate was on November 4, 2024, when it stood at 19 percent. The rate had peaked at 32.5 percent on March 13, 2025, before declining from 26.5 percent on September 22, 2025, to 24.5 percent on September 24, 2025, where it has remained steady as of October 9, 2025.

Explaining the trend, Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto and Co., said several factors contributed to the decline. He noted that the relatively low borrowing by the federal government in the domestic market improved liquidity in the financial system. In addition, the adjustment of the Cash Reserve Ratio (CRR) at the last Monetary Policy Committee (MPC) meeting helped to ease funding pressures on banks.

Olubunmi added that proceeds from ongoing capital-raising exercises also boosted the funding base of many banks. ‘All these reduced the demand at the market, which resulted in the lower rates,’ he said.

According to Ayodele Akinwunmi, chief economist at United Capital Plc, the decline in inter-bank rates also reflects improvements in the macroeconomic environment, a gradual decline in inflation, exchange rate stability, improved external reserves, and stronger growth prospects for the economy. ‘These factors are driving a general moderation in interest rates across different segments of the market, including the inter-bank market,’ he explained.

Tilewa Adebajo, chief executive officer of CFG Advisory, described the development as a positive sign that monetary policy adjustments are taking effect. ‘It shows that the rate cuts have been implemented and transmitted into the system,’ he said.

Last month, the CBN reduced its benchmark interest rate – the Monetary Policy Rate (MPR) – by 50 basis points to 27 percent from 27.50 percent, in a bid to support economic growth and sustain the inflow of foreign portfolio investments. Olayemi Cardoso, CBN governor, who announced the decision at the end of a two-day MPC meeting in Abuja attended by all 12 committee members, said the committee sought to balance monetary easing with targeted liquidity controls.

To support bank lending and credit to the private sector, the MPC reduced the CRR for commercial banks to 45 percent from 50 percent while retaining it at 16 percent for merchant banks. At the same time, it introduced a 75 percent CRR on non-Treasury Single Account (TSA) public sector deposits to mop up excess liquidity from fiscal inflows. The Standing Facilities Corridor (SFC) was widened to plus or minus 250 basis points around the MPR to strengthen monetary policy transmission, while the liquidity ratio was maintained at 30 percent.

Data from the CBN also show a decline in the Open Buy Back (OBB) rate, which fell to 26.50 percent as of October 12, 2025, from a peak of 32.58 percent on February 13, 2025. The lowest OBB rate in the last one year was recorded on November 19, 2024, at 24.25 percent. An OBB is a short-term secured lending arrangement between banks, where one party sells government securities to another with an agreement to repurchase them at a later date, often the next day, at an agreed price. The arrangement allows banks with excess funds to lend to those with temporary shortfalls, using government securities as collateral to manage short-term liquidity safely.

In its latest market commentary, Parthian Research reported that system liquidity increased by N693.57 billion, resulting in an opening credit balance of N4.49 trillion. Consequently, the overnight policy rate closed flat at 24.50 percent, while the overnight rate declined by two basis points to 24.84 percent. Analysts at Parthian Securities said they expect inter-bank rates to remain around current levels in the near term.